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2� 1 ��8379 N�W, THEREF�RE, in cansideration af the mutua� pramises and covenants here�nafter set forth, and of other�alua�le c�nsideration, the �wner and the Authority agree as follovvs: Section 1. Definitions. Llnless other�vise e�press�y provided herein or unless the cantext c�ear�y requ�res otherwise, the terms defined abov� shal� have the m�an�ngs set forth above the fal�owing terms shall have the respect��e meanings set farth below far the purposes hereaf, and a�l w�rds and phrases def�ned in Section 42 of the Code sha�� have the same mean�ngs in this Agreement: "App�icabre Inc�me Percentage" means tihe percentage stated in the 5ummary Page hereof as the percentag� �f area median grass in�ome which may not be e��eeded by individuals or families qualifying as Qualified Tenants. "App�icabre Set-Aside �'ercentage" means the percentage stated in the Summary Page hereof as the percentage of Dvvelling Units in the Praj ect�a be leased to Qualified Tenants. "�we�ling Units" means the units of multifamily residentia� rental hous�ng comprising the Pro j ect. "�ur�ct�ianally I�e�ated and Subardinate" means and includes facil�t�es for use by tenants; for e�am�le, laundry facil�ties, parking areas and recreational fa�ilit�es, provided tha� th� same are of a character and s�ze commensurate vvith the character and size of the Project. "�ccupancy Da�e" means the first day on wh�ch the Proje�t is p�aced in service, as set forth on the Summ�r�Page hereof. "�rojQ��" means �he Proj ect S ite and all buildings, structures, f��tures, equipment and other impro�ements now or hereafter constructed or�ocated upon the Project Site. "I'rojec�Si�e" means �he real property described in E�hib��A attach�d heretfl. "Quali�fied �o�t�ract �2equired Number of �'ears" means the number of years after the �ccupancy Date as set forth on the Summary Page on �vhich the �vvner requests that the Authority assist ir� pr�curing a qualified cQntrac� as set forth in Sectian 5(h�(2} hereof. "�uarified Projec�Period" means a period beginning on the �ccupancy Date and endxng on �he date �vh�ch is the Required Number of Years after the �ccupancy Date as set forth �n th� 5 ummary Page. "Qr�alified �'enants" means and includes indi�idua�s and famili�s vvhose income is equal or �ess than the Applicable Inc�me Percentage of area med�an gross income (including adjustments for fami�y size� as elected and determined in accordance with the �ode and Regulations. Except as atherwise pr��ided herein, the occupants �f a Dwelling Unit sha�� not be car�sidered t� be of lovv incom� if any o�cupant is a student �as defined in Sec��an �51�c}�4} of the Cade}. Notwithstanding the foregoing, a Dwelling Un�t is not disqua��f�ed as a �ualified Unit merely �ecause it is occupied ti� �y a student receiving AFD� ass�stance under Tit1e IV of Che S ocia� S ecurity Act, �ii� by a s�udent in a �overnment-supported j ab training program, �iii� entzrely by fuli-time students who are singie parents and th�ir children, pr�vided such occupants are not dependents of another person �r �iv} by full-time students who are married and file a joint return. The determ�nation of whether an individual or family is a Qualified Tenant